November Market Review: Tentative Recovery

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The dog days of the summer extended from October into the first 10 days of November, as the 40 day Arba’een pilgrimage came to an end, with continued declines in turnover and prices.

This pattern was sharply reversed as buying interest drove prices and turnover significantly higher. The market, as measured by the RSISUSD Index, was up almost +10% by mid-month, with daily turnover almost doubling on the up days as the chart below shows, before settling in at +4.3% as the buying activity subsided.

Mr Tabaqchali is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets.

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.